As the world holds its breath and waits for US politicians to agree a resolution to the country's mounting debt problem, analysts at Societe Generale have looked at who actually holds T-bills and whether they would need to sell them in the event of a downgrade.

The French bank has gone with a rather perky future for the US, and the rest of the world as a result, as most of those holding Treasurys would probably not sell at the first whiff of a downgrade by the ratings agencies.